Musk to review all of Tesla's expenses in new cost cutting plan

Musk to review all of Tesla's expenses in new cost cutting plan

Nevertheless, the California-based electric auto maker had entered into the solar panel business back in 2016 following Tesla head, Elon Musk's controversial acquisition of the loss-making SolarCity.

The electric vehicle maker earlier this month closed a US$2.7 billion offering of stock and convertible notes, giving it much needed cash as it ramps up production.

In an email to employees, Tesla CEO Elon Musk said executives, including the CFO and Musk himself, would be reviewing every payment.

T Rowe had 1.7 million Tesla shares on Mar 31, and it once held 8.9 million shares in December 2018 as per a filing with the SEC, the Securities and Exchange Commission. "That's not what you want to see, this is supposed to be a growth company".

The National Transportation Safety Board (NTSB) has concluded that the Autopilot system of a Tesla Model 3 was active when the electric sedan crashed into the side of a tractor-trailer on March 1st, killing the driver.

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The NTSB's preliminary report said the driver engaged Autopilot about 10 seconds before crashing into a semitrailer, and the system did not detect the driver's hands on the wheel for fewer than eight seconds before the crash. The first of these came in 2016 when Joshua Brown was killed in his Model S after it collided with a semi-trailer truck.

The investigation has not yet determined whether the driver was at fault in March's accident, but raises questions about the safety of Tesla's software, which it has pitched to customers and investors as the future of driving.

"When used properly by an attentive driver who is prepared to take control at all times, drivers supported by Autopilot are safer than those operating without assistance, " the company said.

The vehicle drove beneath the trailer, killing the driver, in a crash that is strikingly similar to one that happened on the other side of Florida in 2016 that also involved use of Autopilot.

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